Homestore

CML reveals house purchasing rise

There is an increased demand for property, new figures indicate.

A total of 56,000 house purchase loans were approved over the course of July, the Council of Mortgage Lenders (CML) reveals.

Not only does such a figure represent a 24 per cent rise from the previous month, it is also some 19 per cent higher than the same time in 2008 and is the first year-on-year increase to have been seen in more than two years.

CML economist Paul Samter states: "It's tempting to call the turn in the mortgage market at this point and there is certainly concrete evidence that lending for house purchase is increasing."

However there are still a number of constraints on lending, he points out.

With reports of this rise in house purchasing, those looking to attract prospective purchasers to their property may want to consider carrying out DIY in order to maximise their home's value.

One way this could be done is in improving the garden, as Nicholas Leeming, director of propertyfinder.com, recently told the Times that a green space which is in poor condition "is more likely to put off potential buyers than attract them".

N.B. The information contained in this story is provided by the supplier and does not necessarily reflect the views and opinions of lets-do-diy.com.